Saturday, February 09, 2008
An end to Northern Irish banknotes..?
COULD the fallout from the Northern Rock fiasco lead to the demise of Northern Irish banknotes? See below the fold to find out why we might be saying goodbye to our local Sterling notes…
Banks in Northern Ireland and Scotland produce their own Sterling notes, but SNP leader Alex Salmond fears they could disappear if Treasury proposals to protect customer from failing financial institutions go ahead.
Apparently, banks that print Scottish notes have to lodge funds with the Bank of England to cover their value, but only for three days of the week – the other four days they can be invested elsewhere, gaining millions of pounds in interest. The Treasury wants to see them lodged there all week instead.
In the wake of the Chancellor’s announcement of reforms, Clydesdale Bank admitted it might stop issuing Scottish banknotes, as they might not “be viable in the future”. I can’t imagine any of the local banks wanting to give up these millions either. Salmond reckons the changes could cost the Scottish and Northern Irish banks which issue their own notes a total of £100 million a year.
In response, a Scottish Labour MP has called for the Bank of England to be renamed the Bank of the United Kingdom and for United Kingdom banknotes to be introduced as legal tender.
This would certainly bring an end to the confused look of English retailers when you hand them a Bank of Ireland (Sterling) banknote, and the annoyance of the customer when his legal tender is inevitably refused.
However, another Scottish Labour MP might disagree - former Northern Ireland minister Des Browne told the House of Commons recently that he has “been in London a great deal over the past 11 years, and in connection with my ministerial responsibilities have periodically had Northern Ireland banknotes in my wallet. No one has ever refused to accept one of them”.
Yer arse, Des! So have I, and I can’t remember the last time one was accepted.
Belfast Gonzo @ 04:19 AM
For God sake get rid of the dam things, a real pain for anyone who travels back and forward to Britain.
I couldn’t care less if it costs the local Banks money, I don’t want monopoly money. A pocket full of Euros are of more use.
And I couldn’t care less if it is called the Bank of England, United Kingdom or the Bank of Threadneedle Street. I want money I can use.
Posted by on Feb 09, 2008 @ 06:29 AMYes get rid of it. Either replace it with Bank of England or Euro notes.
No one will take it outside Norn Iron because its only worth half its value, the other half is backed up by the B,o,E for use here.Posted by on Feb 09, 2008 @ 07:02 AMAs a NI ex-pat on the mainland I have to agree and say get rid of the notes, one note for all is much more sensible. However, unlike Gonzo I have never had a NI note refused in my part of England (maybe it’s the “Don’t mess with me, it’s legal tender” look I give when I hand it over) even at the height of the Northern Bank affair.
Good God, I agree with Des Browne - another first!
Stand up for your rights Gonzo! If they don’t take it go somewhere else, I guarantee the next guy will.
Posted by on Feb 09, 2008 @ 10:45 AM“This would certainly bring an end to the confused look of English retailers when you hand them a Bank of Ireland (Sterling) banknote, and the annoyance of the customer when his legal tender is inevitably refused.”
But the problem is that they aren’t legal tender. The only legal tender in England and Wales is Bank of England notes. Shopkeepers are perfectly within their rights to refuse them but they’d have to be stupid to do so.
They should scrap the things as they’re usually worthless outside the UK, although a couple of currency exchanges here give 80% of the usual exchange rate for Scottish pounds - a poor deal.
Posted by on Feb 09, 2008 @ 10:47 AMYer arse, Des! So have I, and I can’t remember the last time one was accepted.
In my experience, NI notes are now accepted more often than they are refused. I put this down to the increase in travel between NI and GB as a result of cheap air fares.
Disappointing to read the sourpusses above complaining about the NI notes: they are distinctive and interesting and should be retained. Same applies to the Scottish notes.
Posted by on Feb 09, 2008 @ 11:07 AM‘As a NI ex-pat on the mainland’
where you from, Rathlin?
Posted by on Feb 09, 2008 @ 11:12 AM“In my experience, NI notes are now accepted more often than they are refused. I put this down to the increase in travel between NI and GB as a result of cheap air fares.”
I’d have thought it had more to do with the Republic joining the Euro so less chance of our notes being confused for Punts (even though they had Stering written on them!).
Posted by on Feb 09, 2008 @ 11:39 AMThanks for that interesting article, Gonzo. I had no idea why banks here in NI would go to the expense of producing and circulating their own notes. Now I know.
The local notes cause nothing but problems. People moving around the UK can’t be guaranteed that they’ll be accepted everywhere. People travelling to the UK will have difficulties when they try to exchange their remaining funds when they return home. There is no particular reason for the situation to continue, and I’m not at all clear about why Salmond thinks it’s this is a bad thing.
Valenciano:
But the problem is that they aren’t legal tender. The only legal tender in England and Wales is Bank of England notes. Shopkeepers are perfectly within their rights to refuse them but they’d have to be stupid to do so.
What’s interesting is that in NI and possibly also in Scotland, no banknotes are actually legal tender. AFAIK, the only legal tender is the one pound coin.
In my travels to England I generally don’t have problems with NI notes, although sometimes it happens. They definitely won’t accept those wonderful plastic Northern Bank notes, sadly.
Posted by on Feb 09, 2008 @ 12:11 PMExactly RepublicanStones, the level of indoctrination people show by misusing the term ‘mainland’ is depressing.
Posted by on Feb 09, 2008 @ 12:28 PMOur local banks have ripped us off for years, why the love for them?
Bank of England notes makes sense and the thought of local banks making more money from other sources is enough to call a halt to it, especially when they dont pass it down to customer level.
Posted by on Feb 09, 2008 @ 12:58 PMA good case for Eurus
Posted by on Feb 09, 2008 @ 01:23 PMAbout time - scrap em, and rename the Bank of England while you’re at it!
Posted by on Feb 09, 2008 @ 02:27 PMRepublicStones and Paul - you are pathetic - grow up and get out of your Republican fairyland - you know fine rightly what ‘mainland’ means.
Posted by on Feb 09, 2008 @ 02:29 PMAs long as unionists insist on calling a nearby off-shore island ‘the mainland’ they encourage their young people to leave for educational and other purposes. Many of these young people don’t return which is a drain on NI. Although it might be politically useful in the short term for a nationalist to support the drift away of the most go-ahead part of the unionist population in fact it is bad for us all in the long term. Why do unionists persist in encouraging such damage to their own community?
Posted by on Feb 09, 2008 @ 03:04 PMAs any unionist who’s moved to GB will tell you, the name itself has nothing to do with it.
Posted by on Feb 09, 2008 @ 03:12 PMBut the problem is that they aren’t legal tender. The only legal tender in England and Wales is Bank of England notes. Shopkeepers are perfectly within their rights to refuse them...
For the record, shopkeepers are perfectly within their rights to refuse any banknotes - legal tender or otherwise. Though I think if you’re settling a debt with the shopkeeper, he, or she, would be obliged to accept payment if it is offered in legal tender.
Posted by on Feb 09, 2008 @ 03:32 PMmainland....LMAO as if Ireland is an island off britain or england. cut the apron strings guys will ya, better yet how about starting with the umbilical cord.
Posted by on Feb 09, 2008 @ 03:33 PMWhat about adopting a system like they have for Euro coins i.e. allowing bank notes to be printed in England, Northern Ireland, Scotland and Wales with their regional variations with the other side being common to the ‘Bank of the UK’? It would take some effort to make the changes. But it would make sense to have a single ‘currency’ for the UK.
In England it always takes some explanation before the NI notes are accepted. Also, the large amount of foreign workers mean it’s unlikely someone from Eastern Europe or the Indian sub-continent will understand the complexities of the UK system. They don’t want to risk losing their job by accepting notes they have never seen before.
Posted by on Feb 09, 2008 @ 03:35 PMJohn F, I do know exactly what the mainland is, i live on it !
Posted by on Feb 09, 2008 @ 04:17 PMPeaceandJustice, that’s actually a really good idea.
Posted by on Feb 09, 2008 @ 06:59 PMIrish and Scottish banknotes are not legal tender but acceptable notes.
Posted by on Feb 09, 2008 @ 07:08 PMComrade Stalin
Could you please explain about &1;coins being the only legal tender.
I had an interesting run in with the rates collection agency once , when I turned up with &500;in in individual £20 value bags coins as part of a payment for my rates bill , which they refused to take .
So I asked for a letter stating that I had come to pay my bill , but as they had a policy of £20 ceiling on amount of coins that they accepted they could not accept my offer of payment .
When I explained that I intended to let them take me to court ,and I was looking forward with interest as to how the judge would view things they quickly changed their minds ,and took the coins .
Needless to say that was the way they got it on every occasion after that!.Civil servants , but sometimes not so civil !.
Biff 1
.Posted by on Feb 09, 2008 @ 08:42 PMI like P&J;’s idea too but what should be the unifying side?
I don’t mind Elizabeth but I don’t really want a pocket full of Prince Charles.
How about buildings? A picture of the Old Lady on one side and the local assemblies on the other?
Posted by on Feb 09, 2008 @ 08:59 PMOh me oh my, what a can of worms! So once again we’re subjected to the unreconstructed chuckies getting their knickers in a twist over a turn of phrase. Freudian slip or a hastily written riposte to Gonzo’s assertion that NI banknotes were “inevitably” refused on “the mainland”, I dunno and I’m not that bothered to be honest. Anyway, I’m observing that it’s not inevitable, so there!
RS and Paul
I wouldn’t use the term “pathetic”. I would say that it’s Irish people like you, the small minded, little islander types that were one reason this Irishman was not crying on the boat when leaving his homeland in the first place. You and the piece of rock you call home are geographically, economically and culturally inextricably linked to the larger island nearby whether you like it or not. Grow up.
lib2016
You’ve assumed way too much. This brain was not drained due to the naming terminology of your nearest neighbour or because of some political or community affiliation I may or may not have to GB - to quote someone, it’s the economy, stupid! GB, the mainland, England, whatever is attractive to young NI academics and professionals because of the opportunities in employment and a better standard of life that GB affords them as opposed to home. That’s young people from both communities in NI and ROI by the way. Gonzo’s right on this one - the name has nothing to do with it. It also helps that you don’t have to be careful with what you say over here lest some Shinner (or loyalist for that matter) jump down your throat for passing remark without clearing it with the Equality Commission first!
Have I damaged the unionist community? Not directly as I’m not one. Indirectly yes, just as I’ve damaged the nationalist community. I’m not an ego maniac but I think I’ve damaged both communities by my and my family’s leaving, you don’t get to benefit from the marvellous grammar and university education I received at home, I’m putting it to good use somewhere else. Am I planning on coming home? You’re right, I’m not. Never say never but the comments not by you but your republican brethren remind me not of why I left but why I wouldn’t return (i think it has someting to do with “inclusivity"). You don’t need me to keep the Irish question running or any go-ahead unionists or nationalists for that matter - the stay behind varieties of both communities can keep that going indefinitely.
Another first - good idea P&J;.
Posted by on Feb 09, 2008 @ 09:31 PMone reason this Irishman was not crying on the boat when leaving his homeland in the first place-esmeraldavillalobos
what sort of Irishman thinks his country to be merely an Island of a country across the sea???????
‘(i think it has someting to do with “inclusivity")’
yeah something unionists have never been well versed in.
Once more for the back of the class......Im irish, there is no other mainland. using the term mainland illustrates the little colonial mindset still bubbling away in many minds. you can uncircle the wagons boys....and cut the strings !
Posted by on Feb 09, 2008 @ 09:40 PM
